June 7, 2011 / 1:07 PM / in 7 years

UPDATE 1-Celtic cuts 2011 production view for second time

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June 7 (Reuters) - Oil and natural gas explorer Celtic Exploration Ltd cut its production forecast for fiscal 2011 for the second time in two months after plant outages weighed on results in the first quarter.

The Canadian company suffered significant downtime in the quarter due to gas plant outages at the Kaybob KA and K3 facilities in Alberta, which account for more than 85 percent of its total production.

The company, whose operations are focused in Western Canada, said quarterly production fell 10 percent to average 15,605 barrels of oil equivalent per day (boe/d).

Celtic’s funds from operations (FFO) in the quarter fell 7 percent to C$32.7 million ($33.3 million), or 34 Canadian cents per share.

The company now expects 2011 production to average 19,300-19,700 boe/d, compared with its prior forecast of 20,000-20,400 boe/d.

Celtic also cut its FFO view for the year to C$1.58 per share, from its previous view of C$1.63 per share. Production costs are however expected to fall 5 percent to C$7.71 per boe.

Shares of the company closed at C$20.23 on Monday on the Toronto Stock Exchange. ($1 = 0.981 Canadian Dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Savio D’Souza)

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